The improvement in Hong Kong's economic climate means employees have started their merry-go-round seeking new job opportunities and better remuneration.
According to a Robert Half Workplace Survey, 94 per cent of employers in Hong Kong are concerned about losing top performers following the payout of bonuses in the first half of the year.
This percentage is well above the regional Asia-Pacific average of 75 per cent.
'As hiring in the finance industry heats up, employees have more employment options,' says Andrew Morris, managing director, Greater China, Robert Half International. 'To prevent top performers from jumping ship, companies may need to enhance their retention efforts, particularly if bonus payouts did not match staff expectations.'
Morris adds that offering competitive pay, setting realistic bonus expectations and outlining career paths for key players can help foster loyalty and prevent turnover, which can be costly to a company.
'There's a high price to turnover, both in terms of losing skills and institutional knowledge, as well as the time, effort and resources required to replace employees,' he says.